10 Unit Credit Values

• Inventory: Raw Materials, Work-in-Progress, Maintenance, Repair and Operational, Anticipation inventory, Investment inventory, Manufacturing Organisations, Service Industries, Military
• Purpose of Inventory: Variation in Production Demand, Unexpected Customer Demand, Seasonal Demand, Price Discounts, Avoiding Price Increase
• Inventory Control Process: Goods Receipt, Put-away, Audit Trails, Inventory Accuracy, Training, Monitoring for Compliance, Accuracy Tracking, Lead Time , Inventory Identification and Tracking, Inventory Location and Storage, Inventory Numbering, Safety Inventory
• Alternatives to Holding Inventory: Just-in-Time, Material Requirements Planning, Master Production Schedule (MPS), Bill of Materials, Inventory status, Distribution Requirements Planning, Vendor Managed Inventory
• Stock: Finished Goods, Stock-outs
• Customer Service: Competing on Flexibility, Competing on Responsiveness, Fast Delivery, Reliable Delivery, After Sales Service, Supplier Appraisal, Service Level Agreements
• Alternatives to Holding Stock: Direct Ordering, Drop Shipping
• Financial: Balance Sheet, Assets, Profit and Loss Account, Inventory Trade-offs, Holding Costs
• Inventory Systems: Stock Cover, Backward Scheduling, Forward Scheduling, Pareto Based Ordering, Variable Order Quantity or Periodic Review System, Rolling Schedule, Economic Order Quantity, Fixed Order Quantity, Safety Stock , Average Deviation, Vendor Managed Inventory, Kanban, Reserve Stock (or Brown Bag) System, Perpetual Inventory Systems , Inputs, Outputs, Adjustments, Push and Pull Systems

The above is the unit content for the Inventory Processes unit found in the Level 3 qualification. To view more units, click here and select the “Units” tab.